roanoke virginia

How Much Would A Legal Virginia Adult-Use Cannabis Market Be Worth?

In 2021, Virginia became the 17th state to adopt an adult-use cannabis legalization measure. While personal possession is now legal in Virginia, recreational cannabis sales remain prohibited. It is up to Virginia’s Legislature to approve legislation that permits legal adult-use sales in the state.

“New Frontier Data, which studies cannabis, last year estimated the figure at $2.4 billion. Earlier this year, former Republican Del. Greg Habeeb, who represents the Virginia Cannabis Association, upped that figure to $3 billion.” Cardinal News reported about Virginia’s potential industry.

Medical cannabis legalization was first approved in Virginia in 2017, and “the state’s dispensaries made 3.4 million medical cannabis dispensations in 2023” according to original reporting by Virginia Business.

“Virginia patients paid an average $14 per gram for medical cannabis flower at dispensaries, compared with $10 in Florida and Pennsylvania, according to a November 2023 market study conducted for the authority.” Virginia Business also reported.

The United States adult-use cannabis industry has generated over $20 billion in total tax revenue since the first legal recreational cannabis purchase was made in Colorado on January 1st, 2014 according to a report by the Marijuana Policy Project.

“Through the first quarter of 2024, states have reported a combined total of more than $20 billion in tax revenue from legal, adult-use cannabis sales. In 2023 alone, legalization states generated more than $4 billion in cannabis tax revenue from adult-use sales, which is the most revenue generated by cannabis sales in a single year.” the Marijuana Policy Project stated in a press release.

79% of people living in the United States lived in a county with at least one regulated cannabis dispensary according to an analysis by the Pew Research Center. The Pew Research Center also found the following:

  • 74% of people in the U.S. live in a state where recreational or medical cannabis is legal
  • There are nearly 15,000 cannabis dispensaries in the U.S.
  • California has the most overall dispensaries (3,659)
  • Oklahoma has the most dispensaries per capita (36 dispensaries for every 100,000 residents)

Total legal cannabis sales in the United States are expected to reach $31.4 billion in 2024 according to a recent analysis by Whitney Economics. Additionally, leading cannabis jobs platform Vangst, in conjunction with Whitney Economics, estimates that the legal cannabis industry now supports 440,445 full time-equivalent cannabis jobs in the United States.

Whitney Economics also projects the following legal cannabis sales figures in the United States for the coming years:

  • 2024: $31.4 billion (9.1% growth from 2023)
  • 2025: $35.2 billion (12.1% growth from 2024)
  • 2030: $67.2 billion
  • 2035: $87.0 billion

The emerging legal cannabis industry in the United States is projected to add roughly $112 billion to the nation’s economy in 2024 according to an analysis by MJBiz Daily. The projection is part of the company’s 2024 MJBiz Factbook.

“The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year,” MJBiz stated in its initial reporting.